Belvedere Energy from Waste Facility successfully refinanced

Collaborative negotiation between Western Riverside Waste Authority and Cory Riverside Energy (CRE) has led to a successful restructuring of CRE’s Belvedere Energy from Waste (EfW) Facility long term borrowing which will generate significant financial savings for the Authority.

The Authority is responsible for managing the waste and recyclables collected by the London Boroughs of Hammersmith & Fulham, Lambeth, Wandsworth and the Royal Borough of Kensington and Chelsea.

Cory Riverside Energy transports all of the Authority’s residual waste (i.e. that which cannot be reused or recycled) to the Belvedere EfW Facility by river and this use of the River Thames, as a green highway, removes tens of thousands of Heavy Goods Vehicle movements off our capital’s roads each year. The EfW facility then uses this waste, which would otherwise have gone to landfill, as feedstock to generate electricity, with the facility as a whole generating sufficient power to supply the needs of around 160,000 households.

Negotiation has also led to agreement on the potential redevelopment of the Authority’s Cringle Dock transfer station. Cringle Dock is adjacent to the exciting new residential and commercial property developments at Battersea Power Station. The Authority and the owners of Battersea Power Station jointly received planning permission in 2016 to redevelop Cringle Dock as part of an overall masterplan for the Vauxhall/Nine Elms regeneration area.

The Authority’s Chairman, Councillor Paul Warrick from the Royal Borough of Kensington and Chelsea, said: “These are exciting times for the Authority and Cory Riverside Energy. This refinancing and the potential redevelopment of Cringle Dock will greatly improve the management of our residents’ waste, both environmentally and economically. It is an example of councils of different political persuasion working together; I am grateful to my Member colleagues”